quote:Originally posted by acontreras3I would definately not invest in a $30,000 truck because a new automobile is the worst investment you can make. Go for a cheaper alternative such as a $20,000 truck or less if possible. Take the rest of the money and purchase a franchise such as a 7-Eleven which can be done for approximately $75,000. Get a career going for yourself at 18! Can't beat that.

7/11 is a good idea, very good idea, however, I REALLY cannot imagine the profit being substantial, any idea on the profit aspect, when you will actually start making profit after breaking even...etc?

Update on my situation:
I found out my money is now 112k!!!! From 107k to 112k in less than a year(it once dropped 8k all at once). It is a mutual fund (I think) that depends on the stock market for the interest percentage. So the better the stock market does the higher the percentage. I am going to leave some in and take some out. I started with 50k and am now @ 112k. In 94' or 96' we put the money in, so that is a HUGE increase if you ask me. It just takes time. Great idea and I'll post the name of the mutual fund tomorrow if I remember, I'll ask my mother.

Take care guys, and I'm still going to get the truck, but I'll try to spend like 23k and put like 5k into it, and keep it under 30k. I know it's a bad investment but I really enjoy 4wheeling and I dont know if I'll ever have the opportunity to buy a truck like this again (I sure hope later I will though). I will NOT find a home for even close to 100k around here. We bought this 3 bedroom (turned into 4) for 150k and it is now worth over 300k and it's not even a very nice house, maybe was built in the early 90's - mid 80's.

Thanks for the replies!

Tue Aug 16, 2005 6:22 am

JosiahMember

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quote:Originally posted by kyleeHi there!

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quote:Originally posted by acontreras3I would definately not invest in a $30,000 truck because a new automobile is the worst investment you can make.

A vehicle is NOT an INVESTMENT. It is a thing that will, one day, be utterly worthless.

It is not even an asset, it is a liability. An asset is something that puts money into your pocket; a liability is something that costs. Build assets, minimise liabilities. That $107K can either enable you to be wealthy sooner, or enable you to be poorer longer.

It doesn't matter if you have $107K or $1.07, plan everything on paper and continually refine that plan and stick to it.

quote:The Parable of the Talents

14"Again, it will be like a man going on a journey, who called his servants and entrusted his property to them. 15To one he gave five talents[a] of money, to another two talents, and to another one talent, each according to his ability. Then he went on his journey. 16The man who had received the five talents went at once and put his money to work and gained five more. 17So also, the one with the two talents gained two more. 18But the man who had received the one talent went off, dug a hole in the ground and hid his master's money.

19"After a long time the master of those servants returned and settled accounts with them. 20The man who had received the five talents brought the other five. 'Master,' he said, 'you entrusted me with five talents. See, I have gained five more.'

21"His master replied, 'Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master's happiness!'

22"The man with the two talents also came. 'Master,' he said, 'you entrusted me with two talents; see, I have gained two more.'

23"His master replied, 'Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master's happiness!'

24"Then the man who had received the one talent came. 'Master,' he said, 'I knew that you are a hard man, harvesting where you have not sown and gathering where you have not scattered seed. 25So I was afraid and went out and hid your talent in the ground. See, here is what belongs to you.'

26"His master replied, 'You wicked, lazy servant! So you knew that I harvest where I have not sown and gather where I have not scattered seed? 27Well then, you should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest.

28" 'Take the talent from him and give it to the one who has the ten talents. 29For everyone who has will be given more, and he will have an abundance. Whoever does not have, even what he has will be taken from him. 30And throw that worthless servant outside, into the darkness, where there will be weeping and gnashing of teeth.'

The point: If you are not responsible with $1.07, $10.70, or even $107, then you will not be responsible with $107K.

"Expect me when you see me."

Sun Sep 04, 2005 6:14 pm

JosiahMember

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Re: What to do with your $100,000.

quote:Originally posted by Rolo

quote:Originally posted by acontreras3I would definately not invest in a $30,000 truck because a new automobile is the worst investment you can make.

A vehicle is NOT an INVESTMENT. It is a thing that will, one day, be utterly worthless.

It is not even an asset, it is a liability. An asset is something that puts money into your pocket; a liability is something that costs. Build assets, minimise liabilities. That $107K can either enable you to be wealthy sooner, or enable you to be poorer longer.

It doesn't matter if you have $107K or $1.07, plan everything on paper and continually refine that plan and stick to it.

The point: If you are not responsible with $1.07, $10.70, or even $107, then you will not be responsible with $107K.

Ok, now that you've reminded me what not to do, any ideas on what TO do with the $? I am open for ideas. I found out I am with a plan that feeds from the stock market, the stocks go up, the interest rate on my money goes up. Last I heard my money was at $112K. We started at 50k, and since 1994, it's gone up to 112k+/-. It goes up most of the time, but it took an 8k drop one time.

Any ideas bud?

My future plans for my truck. (Amounts to around 30k)

With $3.00/gal gas prices, I am a bit weary, and I really do not want to waist this money. I just don't want to live like I am in poverty, take risks which ultimately lose a lot of the money, and then not be able to afford the truck. Things are getting more expensive these days, I don't want to feel like I missed an opportunity, so I'm looking at all my options, and I dont really want to start a business as I won't be around to take care of it (possibly), I am trying to become a pilot and really dont want to work at a 7/11 unless I have to. I really would like to see some figures on what 7/11 owners net each year from the business and what they net on bad years as well, can anyone help me out here? I really think there are better investments to be recommended, but I still am very grateful for every one you've all made, so thanks. I am really taking every idea into consideration, and Rolo, I'd really like to hear your ideas.

Sun Sep 04, 2005 7:12 pm

RoloYo' Daddy

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Re: What to do with your $100,000.

quote:Originally posted by Josiah...I'd really like to hear your ideas.

Cool, now you're looking at your $100K again. Let me read the whole thread in its entirety and digest what everyone else has said. Then I will spend the time warranted. Give me a day. In the meantime, start looking at 1. how to shop for a vehicle, otherwise your wallet will be raped, and 2. looking for an economical vehicle that you would still enjoy for the next several years.

Nice truck, but not meant to be on pavement. I'd love to take my PT convertible on that road at high speeds.

Save the dream car for when you have $100K-$200K EXCESS purchasing power to blow on one. That is my plan.

500 HP 1936 Terraplane

"Expect me when you see me."

Sun Sep 04, 2005 9:04 pm

JosiahMember

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Re: What to do with your $100,000.

quote:Originally posted by RoloLet me read the whole thread in its entirety and digest what everyone else has said. Then I will spend the time warranted. Give me a day. In the meantime, start looking at 1. how to shop for a vehicle, otherwise your wallet will be raped, and 2. looking for an economical vehicle that you would still enjoy for the next several years.

Not one other person has said anything as cynical as you, if there was a prick in this thread, we'd all know who to point at, do you enjoy being that person? Just because you're miles away and there are no consequences to being so critical of someone else, is not enough to validify your reasons for being disrespectful. Are you part of an online group who tries to beat eachother in levels of idiocy or did you decide to do this all by yourself? Please do not reply any longer, I thought I made it clear I am looking for people who are here to help. Thanks for every single one of you who have contributed to this thread in a respectful way.

I hope the helpful replies continue, I really am looking for direction with this money, I am not completely desperate as to starting a lemonade stand on the corner or start a 7/11, but I appreciate the ideas. I would like to do something I enjoy, and you folks are really helping me find things I might enjoy or that I could do with this money.

Mon Sep 05, 2005 2:25 am

RoloYo' Daddy

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Re: What to do with your $100,000.

quote:Originally posted by JosiahNot one other person has said anything as cynical as you, if there was a prick in this thread, we'd all know who to point at, do you enjoy being that person?

What the hell are you talking about? All I said was give me a day to give you a proper response.

What would you consider to be a good deal on a $30k sticker? 28? 26? I would pay no more than $24K. I just paid $22,246 on a $30,700 sticker in April. My first vehicle, when I was 19, was also a truck. The sticker was $16500. I paid $10800.

If you knew this already, sorry for wasting your time, but if you don't know your ass from a hole in a ground (hence this thread), then you need not have the attitude to get in the way of your learning.

Now whatdahell are you talking about?

"Expect me when you see me."

Mon Sep 05, 2005 2:31 am

EBuchanan3New Member

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Re: What to do with your $100,000.

quote:Originally posted by Josiah

Not one other person has said anything as cynical as you, if there was a prick in this thread, we'd all know who to point at, do you enjoy being that person? Just because you're miles away and there are no consequences to being so critical of someone else, is not enough to validify your reasons for being disrespectful. Are you part of an online group who tries to beat eachother in levels of idiocy or did you decide to do this all by yourself? Please do not reply any longer, I thought I made it clear I am looking for people who are here to help. Thanks for every single one of you who have contributed to this thread in a respectful way.

I hope the helpful replies continue, I really am looking for direction with this money, I am not completely desperate as to starting a lemonade stand on the corner or start a 7/11, but I appreciate the ideas. I would like to do something I enjoy, and you folks are really helping me find things I might enjoy or that I could do with this money.

Ok...I haven't been on these forums long but....

First, you came here to ask for advice...you should really really read and digest what someone says before you post some rebellious teenager crap back to them when they are trying to help you. Nuff said on that.

On to your problem...

you have $100k+ to invest...

I am not sure where you have it now but it seems to be doing well from what you have said.

My recommendation:

Leave it where it is and don't touch it. Go forth to the library or bookstore and begin reading. At this point you don't even know what kind of account it is in. In my opinion that is a sure indicator that you wouldn't do this windfall justice by toying with it. Once you get a good working knowledge of investment vehicles and the risks associated with them do as you see fit.

The last thing you want to do the way things are now is spend $30k on a gas guzzling recretional vehicle. I know that isn't what you want to hear but it is the best advice anyone here can give you and you know this, otherwise you wouldn't have attempted to stave it off before you ever got it. As for your worries that you will never have a chance again to get one: invest, become wealthy and I am sure the chance will arise again (and probably in a situation where it will not consume 30% of your net worth).

E

Tue Sep 06, 2005 3:27 pm

JosiahMember

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Re: What to do with your $100,000.

Maybe I am wrong, but my question remains. I understand a lot about vehicles, etc, but I do not claim to know everything, hence my order placement from the referred site. I do plan to leave a significant amount in there, 65k+, maybe more. I will look for alternatives to my truck, even though I've been researching and focusing on it for many months, I am finally swaying my opinion back and forth. I could possibly be happy with another vehicle (Jeep, etc). We all have hobbies or activities we enjoy, and I, unfortunately, have a very expensive and not so smart one.

Tue Sep 06, 2005 6:16 pm

RoloYo' Daddy

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Re: What to do with your $100,000.

quote:Originally posted by JosiahWe all have hobbies or activities we enjoy, and I, unfortunately, have a very expensive and not so smart one.

Amen to that...but, hey...we like what we like!

To buy or not to buy....to answer that question, just count the cost. It may or may not be worth it to you.

$30K * 22 years * stock market average, 10.4% = $265K

$70K * 22 years * stock market average, 10.4% = $618K

$100K * 22 years * stock market average, 10.4% = $882K

At age 40, that was a $265K truck.

Gimmie another day for my answer. heh

"Expect me when you see me."

Wed Sep 07, 2005 12:45 am

JosiahMember

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Re: What to do with your $100,000.

quote:Originally posted by Rolo

quote:Originally posted by JosiahWe all have hobbies or activities we enjoy, and I, unfortunately, have a very expensive and not so smart one.

Amen to that...but, hey...we like what we like!

To buy or not to buy....to answer that question, just count the cost. It may or may not be worth it to you.

$30K * 22 years * stock market average, 10.4% = $265K

$70K * 22 years * stock market average, 10.4% = $618K

$100K * 22 years * stock market average, 10.4% = $882K

At age 40, that was a $265K truck.

Gimmie another day for my answer. heh

Those are some incredible numbers you've came up with, how, exactly, did you come up with them (10.4%). How do you know if those are the numbers that apply to me? I found out the information regarding where my money is. My mother claims it is in a mutual fund called, Total MFS, but she's not sure atm.

Further research brought me to this, MFS Mutual Funds. Those numbers mean nothing to me, maybe Rolo will have some numbers to crunch on. Let me know what you find in there.

Even further, I found [url=https://www.mfs.com/wps/portal/!ut/p/_s.7_0_A/7_0_2S6/.cmd/ad/.c/6_1_F0/.ce/7_2_1BU/.p/5_2_P6/.d/0?PC_7_2_1BU_shareId=1&PC_7_2_1BU_viewMode=profile&PC_7_2_1BU_productId=119#7_2_1BU]this[/url], which my mother claims is the plan we have. I am going to call tech support and see how I can access my information online. We have an invalid Account #.

Lastly, here is the graph representing what I believe to be the overall growth/profit.

I'll keep you posted.

Edit:
Question, would this be a good one to invest in, it's one of the highest return rates, but the number is so high (300's), does that mean the price for each share is high? Anyways, let me know what you think of the MSFRX.

Wed Sep 07, 2005 1:05 am

RoloYo' Daddy

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Re: What to do with your $100,000.

quote:Originally posted by Josiah

Those are some incredible numbers you've came up with, how, exactly, did you come up with them (10.4%). How do you know if those are the numbers that apply to me?

10.4% is the average annual return of the DJIA and S&P500 (standard stock market indicies...a representation of the whole market) since 1925. 22 years (will put you at 40, a very nice retirement age, no?) will give you >95% chance of getting that return (due to all the fluctuations).

Remember: That's AVERAGE, not even tweaking it. (my personal MINIMUM return is 16%, my running average is ~30%) Also, that is just using ONLY your $100K without adding anything to it.

Einstein was asked "What do you think is the greatest discovery of the 20th century?"

How did the most brilliant scientific mind of the day (perhaps ever) respond?

"Compound interest"!

"Expect me when you see me."

Wed Sep 07, 2005 1:45 am

JosiahMember

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Re: What to do with your $100,000.

quote:Originally posted by Rolo

quote:Originally posted by Josiah

Those are some incredible numbers you've came up with, how, exactly, did you come up with them (10.4%). How do you know if those are the numbers that apply to me?

10.4% is the average annual return of the DJIA and S&P500 (standard stock market indicies...a representation of the whole market) since 1925. 22 years (will put you at 40, a very nice retirement age, no?) will give you >95% chance of getting that return (due to all the fluctuations).

Remember: That's AVERAGE, not even tweaking it. (my personal MINIMUM return is 16%, my running average is ~30%) Also, that is just using ONLY your $100K without adding anything to it.

Einstein was asked "What do you think is the greatest discovery of the 20th century?"

How did the most brilliant scientific mind of the day (perhaps ever) respond?

"Compound interest"!

What do you invest in, anyway I could invest in the same thing (exactly) and get those kind of returns. I edited my post above which may be the reason you didn't answer some of the questions, but I wanted to point that out, thanks for the response. I am reading the dictionary link and will be for a little while.

Wed Sep 07, 2005 2:22 am

RoloYo' Daddy

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Re: What to do with your $100,000.

quote:Originally posted by Josiah

Question, would this be a good one to invest in, it's one of the highest return rates, but the number is so high (300's), does that mean the price for each share is high? Anyways, let me know what you think of the MSFRX.

MSFRX's 5-year ranking is great (top 7%+) but its been falling to the bottom half the more recent you get.

BRUFX...ehehehe...I love these...they are just a fund run by a dude. JAMFX is another one...run by a geeky-looking 20-year old. (Not that there's anything wrong with looking geeky...well, not since Bill Gates anyway.)

Don't overlook the word "category" here. That is important. Different categories are for different purposes. Gold/precious metals funds look awesome right now...but they don't always. I get my returns by anticipating which categories are going to be the top performers and rotating them accordingly.

Do you HAVE to do all of this to do WELL? No. You can put together a well-diversified portfolio, have the discipline to keep funding it, and check it only once a year, and do fantastic. That is pretty much the norm.

There is no reason why you, specifically, cannot retire wealthy by 40. This is a critical juncture for you...the decisions you make today will either leave you saying "Boy...I am so glad I did that!" or "Dammit...I kick myself for doing that!"

Oh, another thing about the truck issue: insurance. Do you know how much your insurance would be for it? Many don't think of that until AFTER its too late and at 18, your insurance won't be cheap. That is why, at 19, I paid cash for my new truck...didn't have to carry full coverage on it (and I didn't have to pay outrageous interest rates on it).